Iraq’s IGC seeks GCC realty funding

Thursday, 17 October 2013 10:41

Iraqi construction consortium IGC has projects worth more than US$1bn across the country. (Image source: Wikimedia Commons)Iraqi consortium International Investment Group for Constructions (IGC) is seeking US$500mn of funds from GCC investors for its projects in the country, particularly in the city of Basra

According to Gulf News, IGC has more than $1bn worth projects across Iraq in the pipeline, which includes the US$320mn Sinbad Island project located in Basra. The company has estimated that investors who allocate funds in the residential projects in the island could get returns of between 25 per cent and 50 per cent.

IGC chief executive officer, Kamil Elwan, pointed out, "Basra city needs infrastructure such as apartments and hotels, as right now there is nothing. Investors who get involved in construction projects here are poised to secure high returns."

The development of standard healthcare facilities has also been identified as a prime investment goal, Elwan added.

Some of Iraq’s major oil fields are located in Basra and it is Iraq’s primary export route.

Earlier this year, the Iraqi Oil Ministry estimated that the country’s oil production capacity would increase to eight million bpd by 2018 from the current level of 3.4mn bpd.